1月23日，中钨高新涨5.06%，截至发稿，报44.66元/股，成交38.80亿元，换手率6.35%，总市值1017.62 亿元。 资料显示，中钨高新材料股份有限公司位于湖南省株洲市荷塘区钻石路288号钻石大厦10-12楼，成立日 期1993年3月18日，上市日期1996年12月5日，公司主营业务涉及硬质合金和钨、钼、钽、铌等稀有金属 及其深加工产品的研制、开发、生产、销售及贸易业务。主营业务收入构成为：精矿及粉末产品 34.74%，其他硬质合金23.13%，切削刀具及工具21.68%，难熔金属16.23%，贸易及装备等4.22%。 从基金十大重仓股角度 数据显示，中国施罗德基金旗下1只基金重仓中钨高新。施罗德中国动力股票A（020236）四季度持有 股数49.17万股，占基金净值比例为3.57%，位居第六大重仓股。根据测算，今日浮盈赚取约105.72万 元。 施罗德中国动力股票A（020236）成立日期2024年4月26日，最新规模2.47亿。今年以来收益13.25%， 同类排名588/5546；近一年收益66.24%，同类排名547/4261；成立以来收益79.31%。 施罗德中国动力股票A（020236 ...

Investment Rating - The report maintains a "Buy" rating for the metal industry, specifically recommending companies such as Huaxi Nonferrous, Xiyegongsi, Boqian New Materials, and others [2][3]. Core Insights - The report highlights the tightening supply of strategic metals due to export controls and geopolitical factors, which is expected to drive prices upward. The integration of AI technology is anticipated to create new opportunities in electronic materials [9][10]. - Tin supply is under pressure due to slow recovery in Myanmar and regulatory changes in Indonesia, leading to a persistent shortage [26][35]. - Tungsten is positioned as a critical material for high-end manufacturing, with supply constraints expected to support long-term price increases [9][10]. - Antimony supply remains rigid, with recent export control relaxations likely to narrow the price gap between domestic and international markets [9][10]. - The rare earth materials sector is expected to see price stabilization and growth due to increasing demand from electric vehicles and energy-efficient technologies [9][10]. Summary by Sections 1. Strategic Metals and Supply Dynamics - The report emphasizes the strategic importance of metals like tungsten, antimony, and rare earths, which are crucial for technology and military applications. China holds a dominant position in the supply of these metals, with import dependency for many industrial metals exceeding 50% [16][20]. - Export controls on strategic metals have led to significant price increases domestically, with prices expected to continue rising as global demand grows [21][22]. 2. AI Technology and Electronic Materials - The report discusses the impact of AI technology on the demand for electronic materials, predicting a dual increase in both volume and price as the technology evolves [9][10]. - The need for advanced electronic components that can handle higher power and efficiency is driving innovation in materials used in AI applications [9][10]. 3. Investment Recommendations - The report recommends focusing on domestic strategic resource sectors and companies benefiting from AI technology advancements. Key companies highlighted include Huaxi Nonferrous, Xiyegongsi, Boqian New Materials, and others [13][10].

Group 1 - The report emphasizes the strategic importance of key metals, highlighting that supply control and application demand in critical fields like technology and military are crucial for pricing [16][20][21] - The report identifies significant supply disruptions in tin due to slow recovery in Myanmar and regulatory changes in Indonesia, leading to a persistent tight supply situation [26][35][40] - The report notes that tungsten is a backbone of high-end manufacturing, with supply tightening driving significant price increases, supported by steady demand from sectors like photovoltaics and military applications [9][16][21] Group 2 - The report discusses the impact of AI technology on the development of electronic new materials, indicating that advancements in AI will drive demand for upgraded materials to meet higher performance requirements [9][10][12] - The report recommends investing in domestic strategic resource sectors and electronic new materials benefiting from AI technology, highlighting specific companies such as Huaxi Nonferrous, Xiyegongsi, and others [13][21] - The report outlines the tightening supply of antimony and the potential for price convergence due to the relaxation of export controls, which may benefit domestic demand [9][10][12]

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交全额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2026-01-22 | 000657 | 中钨高新 | 37.52 | 5.80 | | 217.62 中国中金财富证券 | 东方证券股份有限 | | | | | | | | 有限公司长沙解放 | 公司北京安立路证 | | | | | | | | 西路证券营业部 | 券营业部 | | 2026-01-22 | 000657 | 中钨高新 | 37.52 | 5.80 | | 217.62 东方证券股份有限 | 东方证券股份有限 | | | | | | | | 公司北京安立路证 | 公司北京安立路证 | | | | | | | | 券营业部 | 券营业部 | 1月22日，中钨高新大宗交易成交11.6万股，成交额435.24万元，占当日总成交额的0.09%，成交价37.52元，较市场收盘价 42.51元折价11.74%。 ...

中信重工、中国铁物、中国一重涨停，中国软件、中国核建、中国通号、中钨高新、中稀有色跟涨。 (本文来自第一财经) 中信重工、中国铁物、中国一重涨停，中国软件、中国核建、中国通号、中钨高新、中稀有色跟涨。 (本文来自第一财经) ...

Core Viewpoint - The Chinese state-owned stocks experienced significant gains on January 22, with multiple companies reaching their daily limit up, indicating strong market performance in this sector [1]. Group 1: Stock Performance - China First Heavy Industries (中国一重) saw an increase of 10.10%, with a total market value of 373.7 billion and a current price of 5.45 [2]. - China Iron & Steel (中国铁物) rose by 10.07%, with a total amount of 4.65 billion and a market value of 178.5 billion, currently priced at 2.95 [2]. - CITIC Heavy Industries (中信重工) increased by 10.04%, with a total amount of 5.77 billion and a market value of 366.4 billion, currently priced at 8.00 [2]. - China Nuclear Engineering (中国核建) rose by 9.38%, with a total amount of 11.55 billion and a market value of 541.9 billion, currently priced at 17.98 [2]. - China Software (中国软件) increased by 8.25%, with a total amount of 19.95 billion and a market value of 486.817 billion, currently priced at 52.13 [2]. - China Great Wall (中国长城) saw a rise of 5.89%, with a total amount of 71.82 billion and a market value of 608.7 billion, currently priced at 18.87 [2]. - Other notable increases include China Rare Earth (中稀有色) at 45.44%, China Textile Standard (中纺标) at 44.84%, and China Tungsten High-Tech (中钨高新) at 4.63% [2].

Market Overview - The Shanghai Composite Index rose by 0.08% to close at 4116.94 points, with a daily high of 4135.96 points [1] - The Shenzhen Component Index increased by 0.7% to close at 14255.12 points, reaching a peak of 14320.94 points [1] - The ChiNext Index gained 0.54%, closing at 3295.52 points, with a maximum of 3329.5 points [1] Margin Trading and Securities Lending - The total margin trading and securities lending balance in the Shanghai and Shenzhen markets reached 27119.75 billion yuan, with a financing balance of 26945.23 billion yuan and a securities lending balance of 174.52 billion yuan [2] - This represents an increase of 115.92 billion yuan compared to the previous trading day [2] - The Shanghai market's margin trading balance was 13746.08 billion yuan, up by 101.13 billion yuan, while the Shenzhen market's balance was 13373.67 billion yuan, increasing by 14.8 billion yuan [2] Fund Issuance - Seven new funds were launched yesterday, including: - E Fund Hong Kong Stock Connect Consumer Mixed A - E Fund Hong Kong Stock Connect Consumer Mixed C - Huitianfu Gain Return Bond A - Huaxia CSI 500 Free Cash Flow ETF Link C - Huitianfu Gain Return Bond C - Huaxia CSI 500 Free Cash Flow ETF Link A - E Fund Shanghai Composite ETF [4] Top Net Purchases on the Dragon and Tiger List - The top 10 net purchases on the Dragon and Tiger list included: - Zhongtung High-tech with a net purchase of 57664.7 million yuan - Longxin Technology with 26946.73 million yuan - Dazhu CNC with 25319.57 million yuan - Zhongrong Electric with 21762.39 million yuan - Tongfu Microelectronics with 20382.62 million yuan [6]

Group 1 - The core viewpoint of the news is that "中字头" stocks experienced a significant upward trend on January 22, with several companies reaching their daily limit increase [1] Group 2 - Companies such as 中信重工 (China CITIC Heavy Industries), 中国铁物 (China Railway Materials), and 中国一重 (China First Heavy Industries) all hit the daily limit increase [1] - Other companies that saw gains include 中国软件 (China Software), 中国核建 (China Nuclear Engineering), 中国通号 (China Communications Technology), 中钨高新 (China Tungsten High-tech), and 中稀有色 (China Rare Earth) [1]

Summary of Key Points Core Viewpoint - On January 22, a total of 8 companies had their restricted shares unlocked, with a total unlock volume of 300 million shares, amounting to a market value of 9.725 billion yuan based on the latest closing price [1]. Group 1: Unlock Volume and Market Value - The companies with the highest unlock volumes are ChaoYan Co., Ltd. (1.50 billion shares), XingFu Electronics (1.09 billion shares), and TaiKaiYing (15.28 million shares) [1]. - In terms of unlock market value, XingFu Electronics (5.308 billion yuan), ChaoYan Co., Ltd. (3.582 billion yuan), and ZhongTung High-Tech (345 million yuan) lead the list [1]. Group 2: Unlock Ratio - The companies with the highest unlock ratios relative to their total share capital are ChaoYan Co., Ltd. (35.05%), XingFu Electronics (30.38%), and TaiKaiYing (6.90%) [1].

Group 1 - Tungsten prices have reached historical highs, with 65% black tungsten concentrate priced at 528,000 yuan/ton, and 65% white tungsten concentrate at 527,000 yuan/ton, both up 14.8% since the beginning of the year [1] - The market for tungsten is characterized by tight supply and high prices, with downstream users adjusting product prices to transfer cost pressures, maintaining a strong upward trend in tungsten prices [1] - The increase in tungsten prices is attributed to insufficient supply, confirmed demand growth, and low social inventory levels, suggesting that the upward trend will continue [1] Group 2 - Tungsten is a strategic metal resource essential for the national economy and defense, known for its high melting point, density, and hardness, widely used in various industries [2] - The outlook for tungsten prices in 2026 indicates a likely continuation of high prices and strong fluctuations, with supply and demand remaining in tight balance [2] - Companies in the tungsten industry are expected to benefit from rising prices, as seen in Xianglu Tungsten's forecast of a net profit of 12.5 million to 18 million yuan for 2025, indicating a turnaround from previous losses [2] Group 3 - Xianglu Tungsten reports that the continuous rise in tungsten prices in 2025 has improved the supply-demand situation, enhancing its pricing power and leading to significant growth in gross margins and profits [3] - Xiamen Tungsten is expanding its applications in new fields, such as photovoltaic tungsten wire, and is experiencing a demand surge that has not yet been met by supply, contributing to the ongoing price increase [3] - The supply side of tungsten mining is constrained by quota systems, limiting rapid capacity growth, while the market outlook remains positive due to limited new mining projects [3] Group 4 - Zhongtung High-tech announced that its subsidiary has verified an additional tungsten resource of 91,700 tons, with an annual processing capacity of 2.354 million tons, and is working on a project to increase capacity to 3.5 million tons per year [4]